- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Tritton
- Sue Gove taking over temporarily
- Search for a successor
(exechange) — Union, New Jersey, June 29, 2022 — Mark Tritton, chief executive of Bed Bath & Beyond, leaves. As announced by Bed Bath & Beyond Inc. in a news release on Wednesday, June 29, 2022, Mark J. Tritton leaves his post as chief executive officer at the chain of domestic merchandise retail stores, after less than three years in the role.
The exact date of Mark Tritton’s departure from his post was not explicitly stated in the announcement.
Bed Bath & Beyond will undertake a search for a successor.
Mark Tritton’s duties as CEO will be taken over temporarily by Sue E. Gove, a former Chief Executive Officer at Golfsmith International Holdings, as Interim Chief Executive Officer.
Already a director
Gove is already a director of Bed Bath & Beyond. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Gove understands the expectations and dynamics of the board and has knowledge of Bed Bath & Beyond’s organization, risk-management practices and strategy.
On its website, Bed Bath & Beyond already lists Sue Gove as Interim Chief Executive Officer.
Mark Tritton’s move coincides with a management shake-up also involving the position of Executive Vice President and Chief Merchandising Officer.
“To focus on reversing recent results, addressing supply chain and inventory, and strengthening its balance sheet”
The management change is explained as follows. Bed Bath & Beyond said: “Bed Bath & Beyond Inc. (NASDAQ: BBBY) today announced significant changes to the Company’s senior leadership to focus on reversing recent results, addressing supply chain and inventory, and strengthening its balance sheet.”
Precise information regarding Mark Tritton’s future plans was not immediately available.
“Has left his role”
Bed Bath & Beyond said: “Sue Gove, an Independent Director on the Company’s Board of Directors and Chair of the Board’s Strategy Committee, has been named Interim Chief Executive Officer, replacing Mark Tritton, who has left his role as President and Chief Executive Officer and as a member of the Board.”
Share price decline since November 2019
The announcement follows a decline in Bed Bath & Beyond Inc.’s share price of 51% since November 2019. November 2019 is the month in which Tritton’s tenure as CEO began.
In the position of CEO since 2019
Mark Tritton became CEO of the Company in 2019.
Tritton has over 30 years of experience in the retail industry.
Since November 2019, Tritton has served as the Company’s President and Chief Executive Officer.
Prior to joining the Company, he was the Executive Vice President and Chief Merchandising Officer of Target Corporation, one of the largest retailers in the U.S., from June 2016 to November 2019.
During his tenure with Target Corporation, he was instrumental in transforming the omnichannel shopping experience.
He has end-to-end retail industry experience in merchandising, design, manufacturing, marketing and distribution at some of the world’s leading iconic retailers and brands, including Nordstrom, Timberland and Nike.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Mark Tritton’s move on a scale of 0 to 10.
exechange reached out to Bed Bath & Beyond and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 27.2022 ($).